With claims denials increased 100 percent since 2013, nine in 10 providers are turning the complicated complex claims processing to highly adept external vendors
TAMPA, Fla., June 20, 2019 (Newswire.com) - Black Book Market Research LLC’s annual poll of over 1,110 CFOs, financial management and business office solution users evaluating customer satisfaction with enterprise complex claims management vendors revealed that Argos Health had achieved top client experience and product loyalty user scores.
Eighty percent of American hospital CFOs surveyed report in Q2 2019 that the costs of denied claims to their health system have reached three percent or more of their net patient revenue.
Ninety-six percent of health systems leaders surveyed in the Q2 2019 also report they are now in the process of evaluating, acquiring and/or deploying advanced, external complex claims solutions.
“Write-offs have doubled over the last five years and payers’ automated system algorithms are now rejecting, downgrading and placing complex claims in very lengthy medical review processes which the typical healthcare business office is not staffed to handle,” said Doug Brown, president of Black Book Research, the study authors. “With the average hospital margin thinning to less than two percent, the need for higher net revenue, improved cash flow and reduced time in accounts receivable is critical to some organizations' survival in 2020.”
Black Book Market Research LLC measures customer satisfaction across 18 copyrighted key performance indicators: Strategic Alignment of Vendor Offerings to the Client’s Mission and Goals; Innovation and Optimization; Training and Education; Client Relationships and Cultural Fit; Trust, Accountability, Ethics and Transparency; Breadth of Offerings; Deployment and Implementation; Customization; Integration and Interfaces, Interoperability and Connectivity; Scalability and Client Adaptability; Vendor Staff Expertise and Performance; Reliability; Brand Image and Marketing Communications; Marginal Value Adds; Vendor Financial Viability and Managerial Stability; Data Storage Services; Support and Customer Care; and Best of Breed Technology and Process Improvement.
Argos Health achieved top user honors in 12 of the 18 complex claims solutions' specific KPIs.
In order, the top 10-rated cost accounting and business decision support vendors this year are:
COGNIZANT ROI BOLDER
The full listing of financial digital transformation product rankings in 16 functional categories can be found at Black Book’s website: https://blackbookmarketresearch.com/finance-revenue-cycle-management.
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Source: Black Book Research